If you're coping with student loans or credit card debt, you're not alone: The typical American carries around $38,000 in personal debt, not counting a mortgage. Adding a home loan to that can feel daunting.
But depending on where you live, you could still become a homeowner while paying down debt.
To determine how much you'd need to earn to be able to afford to buy a home while also making monthly debt payments, personal finance site SmartAsset added the cost of debt to the median housing expenses in major U.S. cities, using data from the U.S. Census Bureau. The site assumed homeowners made a 20% down payment and secured a 30-year fixed-rate mortgage with a 4% interest rate.
Some metro areas, such as Dallas, Texas, proved more affordable. Other cities, though, remain out of reach for many prospective homeowners, especially those carrying debt. "In three of California's largest cities, households need an income of at least six figures under the best circumstances just to afford the median home," the survey reports. And "those who are carrying substantial debt payments will need to make significantly more than $100,000."
Below, check out how much you need to earn to afford a typical home while paying off debt in 10 major U.S. cities.
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